HANOI, July 20 (Xinhua) -- After the U.S. withdrawal from the Trans-Pacific Partnership (TPP), the Regional Comprehensive Economic Partnership (RCEP) is considered by Vietnam as an alternative choice, and its negotiations are expected to be wrapped up by the end of this year, opening up significant opportunities for many economies.
The RCEP is a proposed free trade agreement (FTA) between the 10 member states of the Association of Southeast Asian Nations (ASEAN) and the six countries with which ASEAN has existing free trade agreements - Australia, China, India Samuel Umtiti Coupe Monde Maillot , Japan, South Korea and New Zealand.
The countries are expected to conclude RCEP talks by the end of this year, ASEAN Secretary-General Le Luong Minh told reporters on the sidelines of the conference "ASEAN at 50: ASEAN Economic Community and the Opportunities for Vietnamese Businesses."
The conference was host by the Vietnamese Ministry of Foreign Affairs and the Jakarta-based Economic Research Institute for ASEAN and East Asia (ERIA) in Hanoi on Wednesday.
The RCEP negotiations focus on trade in goods and services, investment, economic and technical cooperation, intellectual property, competition Raphael Varane Coupe Monde Maillot , dispute resolution, e-commerce, and matters related to small and medium enterprises (SMEs), among others.
"While anti-globalization and trade protection trends are emerging in the world, ASEAN is clinging to its open regionalism policy, opening up big opportunities for not only regional and global integration processes but also for businesses in ASEAN member states," Minh said.
The 16 RCEP participating countries account for almost half of the world's population Presnel Kimpembe Coupe Monde Maillot , and contribute over a quarter of its exports and some 30 percent of global gross domestic product (GDP).
The RCEP will also offer a framework aimed at reducing trade barriers and ensuring improved market access for goods and services for businesses in the region, through some key actions and activities.
They include recognizing ASEAN's centrality in the emerging regional economic architecture and the interests of ASEAN's FTA partners in bolstering economic integration.
The framework also stresses, as well as economic cooperation among the participating countries, trade facilitation, investment and enhanced transparency in trade and investment ties between the countries, as well as SMEs' engagements in global and regional supply chains, and broadening and deepening ASEAN's economic engagements with its FTA partners.
On the sidelines of the conference Benjamin Pavard Coupe Monde Maillot , Vietnamese Deputy Minister of Foreign Affairs Nguyen Quoc Dung told reporters that after the U.S. exit from the TPP, many people considered the RCEP as being an alternative, so the pressure on speeding up negotiations to finalize the partnership is increasing.
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29.05.2018 09:01
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